Mark Grammer Thai Oil PCL TOP-TB TOP PICK Aug 13, 2007

(Bangkok Exchange) A complex refinery and refining margins are improving. If you want a company that is exposed to not just Thailand, but also Laos, Cambodia and Myanmar, this is the company. No debt equity ratio. Expect its EBITDA margin is going to go up. Only trading on about 9X earnings. Tends to be a little more cyclical than the normal names he buys for his growth fund but it is well run and well-positioned geographically. Yield of 4.03%

(A Top Pick April 2/13. Down 18.24%.) Political unrest has affected this company but he is a long-term investor and is looking through this turmoil and possibly may add to his position. Very strong company and well managed. Have one of the most complex refineries in the region and are very well-positioned.